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Starting Your Business/Keeping Tax RecordsWhat are Business ExpensesRent and UtilitiesRent is any amount you pay for the use of property that you do not own. In general, you can deduct rent as an expense only if the rent is for property that you use in your trade or business. If you have or will receive equity in or title to the property, the rent is not deductible. Your business expenses for heat, lights, power, and telephone are
deductible. However, any part due to personal use is not deductible.
Important References: Publication
535
Business Expenses |